Purchase options in Journal Square and Hoboken
My wife and I are currently looking at 2 properties to purchase as investments: one in Hoboken, one in the Journal Square area. Details are as follow:
#1 is in the Journal Square area and would be an appreciation play. Quiet block, well managed building.
Price: $245K
35% down, finance the rest around 4%
P&I is about $760
Taxes, fees, and insurance are around $750
Monthly rent: around $1700-$1850
Monthly cash: $181-$331
Cash on cash: 2.5%-4.6%
#2 is in Hoboken, near Columbus park (btwn Clinton & Grand/9th & 10th Streets). Not so much an appreciation play, but more of a steady income.
Price: $399K
20% down, finance the rest around 4%
P&I is about $1525
Taxes, fees, and insurance are around $610
Monthly rent: around $2350-$2450
Monthly cash: $217-$317
Cash on cash: 3.3%-4.8%
Thoughts?